记者日前从证监会浙江监管局获悉，自"并购六条"发布以来，浙江辖区上市公司新 增披露并购重组315单、涉及金额755亿元，并购重组市场持续活跃，并呈现出更加聚焦 主营主业、更加注重价值提升的积极变化，越来越多的上市公司基于战略布局和经营发 展需要，通过并购重组推动资源整合、优势互补和核心竞争力提升，"脱虚向实"的并购 市场生态更加凸显。 产业并购成为主流 助力新质生产力发展 丨 来源：经济参考网 2025-06-26 此外，浙江辖区本轮并购重组活动支付方式更加灵活，整体上以现金类并购为主， 数量占比超过八成，涉及金额超550亿元，不少公司积极运用并购贷、并购基金等多元工 具，提高并购交易效率；发股类并购亦较为活跃，"并购六条"发布以来，浙江辖区已有8 家上市公司公告拟发行股份购买资产，涉及金额90.69亿元，涵盖IT服务、通用设备、化 学制品、文娱用品等多个行业。 各方协同发力积极培育并购市场新动能 浙江并购重组市场的持续活跃，离不开监管部门和地方政府的全力推动。记者从浙 江监管局了解到，推动并购重组政策落实落地是当前监管工作的重中之重。据悉，"并购 六条"发布后，浙江监管局先后组织开展政策培训6场，累计500 ...

2025年6月27日，由北京上市公司协会（以下简称"北上协"）指导、首创证券股份有限公司（以下简 称"首创证券"）和中关村密云园主办的"首创证券服务北京企业高质量发展"第二场活动圆满落幕。本期 活动以"并购赋能乘势而上"为主题，就企业以并购促进企业高质量发展深入探讨与交流。北上协秘书长 李洪海，首创证券党委书记、董事、总经理张涛，首创证券副总经理方杰，中关村密云园管委会主任张 治，中关村密云园发展集团有限公司党委书记、董事长孙云峰、中关村密云园发展集团有限公司副总经 理刘玉等，与40余名上市公司董秘、证券代表及相关行业专家现场出席活动。 李洪海在致辞中表示，上市公司并购重组，是资本市场优化资源配置、服务实体经济高质量发展的重要 工具，也是上市公司实现产业整合、转型升级、提升核心竞争力的关键路径。规范、透明、高效的并购 重组活动，对于激发市场活力、提升上市公司质量、促进资本市场健康发展具有不可替代的作用。北上 协希望能够通过此类活动与北京上市公司共同探讨在新形势下如何发挥并购重组的积极作用，推动北京 上市公司步入高质量发展快车道。 此外，北上协正在筹划通过组建北京上市公司并购重组服务平台的形式，加强政府引导、增 ...

学霸会员可以免费学400+精品课程 | 热销课程免费学 | 原价 | 6.8折 (充值前) | | --- | --- | --- | | 年中惠专辑课程 | | | | 上市公司并购重组实务解析-2025年中惠专辑 | 899 | 611.32 | | 企业合规实务解析-2025年中惠专辑 | 899 | 611.32 | | 私募基金实务解析-2025年中惠专辑 | 799 | 543.32 | | 投行Al应用技巧-2025年中惠专辑 | 599 | 407.32 | | 并购重组 | | | | 企业并购重组实操专题（140案例） | 399 | 271.32 | | 上市公司控制权收购的15种方式 | 129 | 87.72 | | 并购交易精讲 | 269 | 182.92 | | 并购六条之后跨界并购实务与典型案例 | 88 | 59.84 | | 借壳上市与类借壳的模式解析 | 1 ୧୦ | 114.92 | | 上市公司并购重组审核7大法律要点（8案例） | 299 | 203.32 | | 境外上市与企业出海 | | | | 企业出海全攻略（12小时） | 899 | 611.32 | | ...

会议现场 会上，深圳证券交易所西部基地做《上市公司并购重组最新政策简析》，详解《关于深化上市公司并购 重组市场改革的意见》（简称"并购六条）最新监管框架与重组审核关注要点；基石资本合伙人杨胜君 与国金证券投资银行部董事总经理陈坚先后围绕《基石资本的并购投资机会、策略与实践》及《上市公 司并购重组最新政策简析》做主题分享。深圳华强实业股份有限公司则从企业视角出发，详细介绍了深 圳华强（深交所主板上市公司，000062.SZ）迅速发展成为中国本土电子元器件分销龙头企业的战略制 定、并购和整合实践。 转自：推广 2025年6月25日，由成都市经济和信息化局主办，四川省证券期货业协会、四川省上市公司协会、深圳 证券交易所西部基地、深圳证券交易所创业企业培训中心协办的"新制造 新经济 新金融"——并购视角 下的企业上市与产业升级主题实训会在蓉举行，上市公司代表、金融机构专家、各行业企业代表共160 余人参加会议，聚焦并购重组推动产业升级的实践路径。 据悉，本次会议旨在助力成都市及周边地区企业在资本市场的发展，加强企业对并购重组的全方位理解 和应用能力，促进信息共享和资源对接。通过搭建交流平台，推动企业与资本要素深度接洽 ...

头部企业通过并购重组可以避免重复恶性竞争。 6月26日下午，"把握并购机遇，赋能产业体系——广州推动并购重组高质量发展活动"在第十三届广州 金交会产融对接专区举办。 参会人士认为，在政策助力的背景下，以新质生产力为导向，当前企业的并购重组活动围绕科技创新进 行；而龙头企业通过并购重组整合资源，可以提高行业集中度，避免重复恶性竞争，提升全球竞争力。 提高行业集中度 杨常建表示，部分传统行业企业通过并购重组实现跨界，比如近日来看，一些原本主业为消费电子的科 技企业，跨界进入汽车行业，通过在消费电子领域积累的技术优势，提升生产效率并降低成本，能够较 快实现扩张，而部分敏锐的企业已在全球铺设产线，也通过了跨境并购等方式，积极参与国际竞争。 徐飞认为，全球并购趋势显示，科技行业为并购热点，我国并购市场也呈现产业导向明显、科技企业占 比增加的趋势，当前上市公司并购重组行业结构发生变化，机械设备、电力设备、电子等创新科技类行 业占比提升，在政策与市场"双轮驱动"作用下，共同引导资源向高精尖领域汇聚。 招商银行（600036.SH，03968.HK）总行投资银行部并购产品总监余锐泓表示，政策方面来看，科技企 业并购贷款期限延 ...

IPO发行动态 丰沃股份主板IPO获受理 株洲科能IPO终止 宁波丰沃增压科技股份有限公司主板IPO获受理。根据披露，公司s主营业务为涡轮增压器的研发、制造 及销售，并向电动增压器、空气悬架核心零部件领域拓展，2024年公司乘用车汽油机涡轮增压器销量 221.22 万台，占全国乘用车汽油机涡轮增压器市场份额为15.3%，国内市场排名第二名，内资企业排名 第一名。2022至2024年，公司营业收入分别为13.99亿元、159,755.95 万元和20.67亿元；扣除非经常性 损益前后孰低的归属于母公司股东的净利润分别为1.12亿元、12,582.84 万元和 19,635.98 万元。此次融 资金额6.56亿元，保荐机构为中信证券股份有限公司。 理奇智能创业板IPO获受理 无锡理奇智能装备股份有限公司创业板IPO获受理。根据披露，公司专注于物料自动配料、分散乳化、 混合搅拌等物料自动化处理领域，提供专业的物料智能处理系统整体解决方案。2022至2024年，公司主 营业务收入分别为61,808.41 万元、171,935.01 万元和217,265.45 万元，此次预计融资金额10.0816亿元， 保荐机构为国泰 ...

Core Insights - The current bad asset market is expanding, but the business for Asset Management Companies (AMCs) is becoming increasingly difficult [1][2] - The market is characterized by a hot primary market, a struggling secondary market, and a frozen tertiary market, leading to challenges in finding investors [1][2] - The overall demand in the market presents opportunities for AMCs, but it also raises high requirements for their functional positioning, business models, and risk management [2] Group 1: Challenges Facing AMCs - AMCs are experiencing difficulties in disposing of bad assets, with issues such as poor asset liquidity and declining asset quality, resulting in increased profit pressure [3] - The bottom asset prices are still in a downward trend, particularly in real estate, and overall yield rates are declining, putting pressure on performance assessments [3] - The shift in strategy from debt-oriented thinking to equity-oriented thinking is being considered to enhance potential returns [3] Group 2: Individual Loan Challenges - Individual loans are seen as a challenging area for AMCs due to low single-amount loans, wide distribution, and complex legal relationships, leading to high operational costs [4] - The average interest margin for corporate loans is around 15%, while personal loans yield less than 3%, making corporate business more attractive [4] Group 3: Market Dynamics and Valuation Issues - There is a significant valuation gap between sellers and disposers of assets, with banks sometimes overestimating asset values [6] - The main funding source for AMCs is bank loans, which misaligns with the long-term nature of bad asset disposal [6] - The demand for asset disposal and debt restructuring is increasing due to a rise in non-financial institutions' receivables and prolonged recovery cycles [6] Group 4: International Perspectives and Recommendations - Learning from overseas experiences, AMCs can consider alternative investments and mergers to inject structural momentum into the market [6][7] - Chinese enterprises are encouraged to explore global opportunities to alleviate competitive pressures and develop new advantageous industries [7] - Utilizing innovative financial tools in regions like Hong Kong can help convert domestic assets into tradable digital assets, enhancing the integration of financial technology with the real economy [7]

Group 1 - The core viewpoint highlights the synergy between capital market reforms and industrial upgrades in Zhejiang, leading to a new landscape for high-quality economic development [1] - Since the release of the "Six Merger Guidelines," there have been 315 disclosed merger and acquisition (M&A) transactions in Zhejiang, involving a total amount of 75.5 billion yuan [1][2] - The M&A activities are characterized by a significant increase in both quantity and quality, with domestic acquisitions accounting for over 90% of the transactions, predominantly led by private enterprises [2] Group 2 - The focus on industrial synergy in M&A is evident, with strategic acquisitions aimed at resource integration and enhancing core competitiveness [2] - Notable cases include ChipLink's acquisition of 72.33% of ChipLink Yuezhou's shares, and Bochuang Technology's acquisition of Changxin Sheng, which exemplify the trend of "1+1>2" through technological collaboration [2][3] - Traditional industries are also experiencing a "second entrepreneurship," with over 25% of M&A cases in the equipment manufacturing sector, aligning with Zhejiang's manufacturing strengths [3] Group 3 - The majority of M&A transactions are small-scale, with about 75% of deals valued below 200 million yuan, indicating a high frequency of flexible transactions [3] - However, larger transactions are also prominent, with over 70 deals exceeding 200 million yuan, totaling over 64 billion yuan, showcasing the ambition of leading enterprises [3] - The innovative application of payment tools has further enhanced market efficiency, with cash-based acquisitions making up over 80% of the total value [3] Group 4 - The active M&A market in Zhejiang is supported by regulatory bodies and local government initiatives, focusing on the implementation of M&A policies [4] - The Zhejiang Securities Regulatory Bureau has conducted extensive training and outreach to ensure compliance and understanding of new policies among market participants [4] - Local policies encourage listed companies to engage in industrial chain integration, with over 20 M&A transactions disclosed by provincial state-owned enterprises since 2025 [4] Group 5 - The recognition of industrial integration by the capital market is growing, with regulatory measures fostering a supportive environment for M&A activities [5] - The emergence of typical M&A cases is expected to boost market confidence and encourage further integration efforts [5] - The capital market is anticipated to play a crucial role in promoting new productive forces and guiding resources towards industrial integration and transformation [5] Group 6 - The Zhejiang Securities Regulatory Bureau plans to continue enforcing M&A policies while maintaining market order and preventing fraudulent activities [6] - Future prospects for the Zhejiang M&A market include fostering new productive forces, transforming traditional industries, and enhancing global competitiveness [6] - The region aims to become a benchmark for capital markets serving the real economy through effective M&A practices [6]

Core Viewpoint - The conference focused on the role of mergers and acquisitions (M&A) in driving industrial upgrades, attracting over 160 participants from listed companies, financial institutions, and enterprises to enhance understanding and application of M&A strategies [1][3]. Group 1: Conference Highlights - The Shenzhen Stock Exchange West Base provided detailed explanations of the latest policies regarding M&A and restructuring, emphasizing the new regulatory framework and key points of review [3]. - Keynote speaker Yang Shengjun from Basis Capital shared insights on M&A investment strategies and practices [3]. - Shenzhen Huaqiang Industrial Co., a listed company, presented its strategic development and integration experiences that led it to become a leading domestic distributor of electronic components in China [3]. Group 2: Industry Implications - The event served as a platform to facilitate deep connections between enterprises and capital elements, aiming to optimize the regional industrial structure and enhance industrial concentration and synergy [5]. - M&A is viewed as an "accelerator" for companies to quickly acquire core technologies, expand market reach, and optimize talent structures, while also acting as a "strong engine" for cities to integrate resources and build a modern industrial system [5]. - The event's organizers emphasized the importance of companies actively using M&A to become "industry integrators" and called on financial institutions to engage as "value co-creators" [5].

随着"科创板八条""并购六条"、《上市公司重大资产重组管理办法》等新政出台，上市公司并购重组市 场显著升温。在政策持续优化与产业转型升级的推动下，浙江辖区上市公司积极运用并购重组工具赋能 高质量发展。据统计，自"并购六条"发布以来，浙江辖区上市公司新增披露并购重组315单，涉及金额 755亿元，市场持续活跃。 产业并购成为主流助力新质生产力发展 从交易披露情况看，浙江辖区上市公司并购以境内并购为主，民营企业占比七成，呈现出更加聚焦主营 主业、更加注重价值提升的积极变化，并涌现出"科创板八条"后全市场首单披露并过会的收购未盈利标 的案例、"并购六条"后首单披露并已获受理的"A吸B"案例等典型案例。 越来越多的浙江上市公司基于战略布局和经营发展需要，通过并购重组推动资源整合、优势互补和核心 竞争力提升。具体来，呈现四大特征：一是并购方向更加聚焦。并购重组新政支持上市公司加强产业链 上下游的并购整合，提升产业协同，向新质生产力方向转型升级。浙江辖区上市公司的并购重组活动与 当前政策导向高度契合，整体以具备协同效应的产业并购为主，不少战略性新兴产业企业通过并购重组 加快新质生产力发展步伐，"脱虚向实"的并购市场生态更 ...